Aditya Birla Group gets RBI nod to kick off payments bank
The Dollar Business Bureau Aditya Birla Group on Tuesday announced it has received the banking license from the Reserve Bank of India (RBI) to operate its joint venture Aditya Birla Idea Payments Bank Ltd. Kumar Mangalam Birla-led outfit Aditya Birla Nuvo had earlier set up a joint venture with the other telecom major Idea Cellular to start payments bank services in the country. Aditya Birla Nuvo and Idea Cellular will hold 51:49 shares in the joint venture payment bank. "... the Reserve Bank of India... has granted a licence to Aditya Birla Idea Payments Bank Ltd to carry on the business of payments bank in India," Aditya Birla Nuvo said in a statement. Earlier last year, Airtel and India Post had formed a joint ...
Paytm eyes for pre-Diwali launch of payments bank
The Dollar Business Bureau Paytm, Noida-based digital payments platform, is laying out a budget of Rs 350-500 cr to launch its payments bank. An executive revealed that the company is planning to launch the Payments Bank before Diwali in October. Shinjini Kumar, Paytm Payments Bank CEO, stated that the implementation of technology is time consuming, but the services will be rolled out before Diwali this year. Earlier, Vijay Shekhar Sharma, Paytm CEO, announced the plans to roll out the Bank in August. However, Kumar stated that the company is engaged in resolving new issues before the launch that was deferring the planned August launch. Kumar further stated that the members of the company involved in the new services are learning new things every day and ...
